[quote=sdmove]
Thanks Scarlett. I think I’ll just put down 20% to avoid the PMI headaches.[/quote]
I would rather keep some cash reserves on hand – 6 months of PITI – than put 20% down, as a safety cushion. In this economy you never know about the job stability. Also any move can be quite expensive – and you may repairs or upgrades you want to do right away. A new roof, a new kitchen…
PMI CAN be as low as $100 a month in your case – but usually those lenders may have slightly worse rates. I would really really ask a financial broker like HLS, I don’t know the numbers. PMI is removed once you achieve below 80% Loan-to-value, so it’s only a for a few years.
Home insurance I don’t know, I have a vague recollection of something about $125 a month?. I haven’t owned in more than 3 years though.
